Adding edge loops based on selected edges
You might not like this answer, because I am using face selection instead of Edge Selection, but I do believe that the end result is what you are after, so I'm adding this to your realm of possibilities into achieving your desired end result.



In face select mode, I achieved this by holding Alt and right clicking the bottom edge of the face loop, then for successive loop selections adding the Shift key to add more loops.

Next I used the I key to do a face inset, and then I just moved my mouse in and out until I had the desired result, however, you can enter a numeric value instead for the amount of inset.